Dayforce (NYSE:DAY) Hits New 52-Week High – What’s Next?

Dayforce Inc (NYSE:DAY) reached a new 52-week high during trading on Monday . The company traded as high as $81.50 and last traded at $81.05, with a volume of 13648 shares. The stock had previously closed at $79.79.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft raised their price target on shares of Dayforce from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. KeyCorp lifted their price target on shares of Dayforce from $80.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Piper Sandler reissued an “overweight” rating and issued a $94.00 price objective (up previously from $82.00) on shares of Dayforce in a research note on Wednesday, November 13th. Barclays raised their price objective on Dayforce from $70.00 to $80.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. Finally, Needham & Company LLC increased their price target on Dayforce from $82.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.77.

Dayforce Price Performance

The firm has a market capitalization of $12.57 billion, a P/E ratio of 241.52, a P/E/G ratio of 3.75 and a beta of 1.27. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.15 and a quick ratio of 1.15. The stock’s fifty day simple moving average is $68.17 and its 200 day simple moving average is $59.10.

Insider Buying and Selling

In other news, COO Stephen H. Holdridge sold 1,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $63.37, for a total transaction of $63,370.00. Following the sale, the chief operating officer now owns 101,437 shares in the company, valued at approximately $6,428,062.69. The trade was a 0.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffrey Scott Jacobs sold 643 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $63.37, for a total transaction of $40,746.91. Following the completion of the transaction, the insider now directly owns 34,074 shares of the company’s stock, valued at $2,159,269.38. The trade was a 1.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,643 shares of company stock worth $460,877 in the last 90 days. 4.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Dayforce

Several hedge funds have recently made changes to their positions in the company. Select Equity Group L.P. purchased a new stake in Dayforce during the 2nd quarter valued at about $721,310,000. EdgePoint Investment Group Inc. lifted its holdings in shares of Dayforce by 1.1% during the third quarter. EdgePoint Investment Group Inc. now owns 10,624,105 shares of the company’s stock worth $650,726,000 after purchasing an additional 112,086 shares during the period. Janus Henderson Group PLC boosted its position in Dayforce by 1.9% in the third quarter. Janus Henderson Group PLC now owns 5,669,154 shares of the company’s stock valued at $347,236,000 after buying an additional 103,794 shares during the last quarter. Dragoneer Investment Group LLC acquired a new position in Dayforce in the 2nd quarter worth approximately $193,274,000. Finally, Geode Capital Management LLC increased its holdings in Dayforce by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 3,782,024 shares of the company’s stock worth $230,875,000 after buying an additional 30,302 shares during the period.

About Dayforce

Dayforce Inc, together with its subsidiaries, operates as a human capital management (HCM) software company in the United States, Canada, and internationally. It offers Dayforce, a cloud HCM platform that provides human resources, payroll and tax, workforce management, wallet, benefits, and talent intelligence functionalities; and Powerpay, a cloud HR and payroll solution for the small business market.